Airtel Africa Plc Records $142m Profit, Revenue Grows 31% in Q1 2021

Airtel Africa Plc has announced a net profit of $142 million in the fiscal first quarter as revenue grows 31% to $1.1billion.

The company’s Q2 2021 unaudited results for the period ended June 30th, 2021 shows a profit before tax of 133 per cent to $259million while profit after tax went up by 149 per cent to $142m.

According to the Chief Executive Officer of Airtel Africa Plc, Raghunath Mandava, “Our results have been very strong…we have posted strong double-digit growth across voice (26%), data (37.4%) and mobile money (53.7%), and across all our regions.”

Mandava further stated that the Africa operation’s customer base had returned to growth mode with “acceleration in its East Africa and Francophone regions despite continuing negative net additions in Nigeria.”

The company said strong net profit growth in the June quarter was also “due to higher operating profits along with stable net finance costs that more than offset the increase in tax charges due to increased profits.”

Net finance cost in the April-June quarter was 1% lower on-year at $97 million.

Airtel Africa’s customer base across 14 countries in Africa rose 2.2% on-quarter to 120.8 million and the monthly churn rate dropped further to 3.6%.

The Africa unit’s average revenue per user (ARPU) grew 6.5% sequentially to $3.1 in the April-June period.

Data revenue, in turn, grew nearly 14% on-quarter to $355 million while voice revenue rose 3.3% sequentially to $559 million in the June quarter. Airtel Africa’s data customer base at the end of June, FY22 stood at 42.4 million, indicating 4.6% sequential growth.

Airtel Africa Plc which was listed on London Stock Exchange in late-June 2019, is a leading provider of telecommunications and mobile money services, with a presence in 14 countries across Africa.

Omotayo Araoye

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